The estate planning mistakes that could cost you and your loved ones
Planning for the future is a complex and often difficult task that requires one to consider his or her own mortality. This is not an easy thing to navigate, and it can be daunting to think about what will happen to your personal property after your passing, or what will happen to you if you can no longer speak for yourself. One of the primary benefits of estate planning is having the final say over personal matters and the ability to determine what happens in the event of your incapacitation.
Even with the best of intentions, certain estate planning mistakes could derail your efforts. When you are planning for the future, you will benefit from considering the factors that could affect your plans and possibly impact your heirs and beneficiaries. It is important to understand common estate planning mistakes and the steps that are necessary to prevent costly and stressful issues in the future.
The errors you want to avoid
Many estate planning mistakes are not apparent until it is time to execute the plans or refer to the terms included in certain documents. This is why it is important to carefully review all plans on occasion, update plans as needed and to have experienced guidance as you create a beneficial and sustainable estate plan. This will help you avoid the following errors that could lead to complications for you or your loved ones in the future:
- You did not update beneficiary designations as necessary after life changes.
- There was an improper funding of a trust.
- You did not change your will after a death, divorce, remarriage or other major life event.
- There was no consideration given to estate taxes and penalties for transferring assets.
- There was no communication with loved ones about expectations for execution of plans.
- The estate planning documents were not in a place where the executor could locate them.
You will benefit from being intentional about avoiding estate planning mistakes and ensuring you have the most up-to-date and carefully drafted documents set aside for your Florida loved ones. You may find it helpful to seek professional guidance regarding your legal options and the steps you can take that will allow you to look to the future with confidence.